On this week’s episode of RealTrending, we welcome two industry figureheads: Thad Wong and Mike Golden, the co-CEOs of Christie’s International Real Estate and founders of @properties. Thad and Mike have been in business together for 27 years and are an extraordinary duo.

During the conversation, the two talk about their business arrangements and how they’ve managed to get along after almost three decades. They also offer insights gleaned from Christie’s recent luxury real estate report, including the rise of luxury markets in university towns, Gen-Z buying trends, and long-term strategies to adapt to an evolving market.

Here’s a glimpse of what you’ll learn:

• University towns are becoming hotspots for luxury real estate due to the presence of educated populations, vibrant culture, and better quality of life
• Gen Z buyers prioritize eco-friendly features and low maintenance living, and Christie’s is adapting its offerings and marketing to meet these preferences
• Malta and Nicaragua are attractive emerging markets for luxury real estate investment due to factors like foreign ownership visa programs and affordability
• Adapting to industry trends and staying ahead requires being nimble, taking risks, and focusing on the client’s needs and preferences

Here’s a small preview of today’s interview. The transcript below has been lightly edited for length and clarity:

Tracey Velt: The two of you have been partners in business for a very, very long time. I know you somewhat divide and conquer your responsibilities, but talk a little bit more about how you decide what risks to take and when. How do you agree on everything? And if you don’t, how do you handle that?

Mike Golden: It’s not like a rote process where we sit down and make specific decisions. We’re very nimble as a company and we’re constantly evolving and reacting to what’s happening and also trying to be proactive.

When we bought the Christie’s network, we took a look at how it stood and what it represented and wanted to make sure we respected the traditions and the history, but we also want to make sure we can evolve it to make sure it stays relevant as consumers change.It’s really a balance, and it’s not just the two of us. We have an incredible team. I think that we always try to make the best decisions for the company as a whole over the long term.

Thad Wong: The only thing I’d add is I would say the risk has changed, right? Even though we grew fast, we never took on any risk. We were never not profitable. We might not have taken as lavish of a holiday vacation, but the company was solvent profitable. But I would say now that risk centers around discretion. And I think that we have better discretion when it comes to franchise partners, franchise sales, affiliate growth, than a lot of franchise sales guys or teams that never built a brokerage.

The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.